Income Tax Law and Accounting, 1918: Being a Practical Application of the Provisions of the Federal Income Tax Act of September 8, 1916, as Amended; the War Income Tax and the War Excess Profits Tax Laws of October 3, 1917; and Containing the Corporation Capital Stock Tax Law and Rulings Thereon; Federal Estate Tax, Excise and Miscellaneous War Taxes; and the New York State Income Tax Statute Applicable to Manufacturing and Mercantile Corporations
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actual additional alien allowed amended amount annual apply approval ascertained assessed assets authorized average basis bonds building calendar capital stock carrying cash cent centum charged close collected collector Commissioner of Internal company or association computed corporation cost deduction Department depreciation determined district dividends domestic earnings engaged entitled exceed Excess Profits Tax exempt expenses fiscal follows foreign held included income tax individual insurance company interest Internal Revenue invested capital issued Item January joint-stock company less liable loss manufacturer March ment net income nineteen hundred normal October operated organized paid partnership payment period person premium prescribed prewar prior purchase reasonable received regulations rendered representative reserve resident respect ruling salaries Secretary September shares sold sources surplus tangible tax imposed Tax Law taxable thereof tion trade or business Treasury United
Page 241 - ... in any manner whatever not provided by law any income return, or any part thereof or source of income, profits, losses, or expenditures appearing in any income return; and any offense against the foregoing provision shall be a misdemeanor and be punished by a fine not exceeding $1,000 or by imprisonment not exceeding one year, or both...
Page 236 - Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate; (3) Any amount expended in restoring property or in making good the exhaustion thereof for which an allowance is or has been made...
Page 220 - gross income" includes gains, profits, and income derived from salaries, wages, or compensation for personal service ... of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income...
Page 298 - Income may be defined as the gain derived from capital, from labor, or from both combined," provided it be understood to include profit gained through a sale or conversion of capital assets, to which it was applied in the Doyle Case (pp.
Page 220 - Income received by estates of deceased persons during the period of administration or settlement of the estate; and (4) Income which, in the discretion of the fiduciary, may be either distributed to the beneficiaries or accumulated.
Page 314 - Such net income shall be ascertained by deducting from the gross amount of the income of such corporation, joint stock company or association, or insurance company, received within the year from all sources, (first) all the ordinary and necessary expenses actually paid within the year out of income in the maintenance and operation of its business and properties...
Page 102 - ... a reasonable allowance for actual reduction in flow and production to be ascertained not by the flush flow, but by the settled production or regular flow ; (b) in the case of mines a reasonable allowance for depletion thereof not to exceed the market value in the mine of the product thereof which has been mined and sold during the year for which the return and computation are made...
Page 239 - June in any year, and for ten days after notice and demand thereof by the collector, there shall be added the sum of five per centum on the amount of tax unpaid and interest at the rate of one per centum per month upon said tax from the time the same becomes due.
Page 221 - ... but the fact that the gains and profits are in any case permitted to accumulate and become surplus shall not be construed as evidence of a purpose to escape the said tax in such case unless the Secretary of the Treasury shall certify that in his opinion such accumulation is unreasonable for the purposes of the business.